Dallas Investors - Bishop Arts District??

Question

Hello Dallas investors!

I may have an opportunity to move to the Dallas area in the next 12 months so I've started following the market more closely to decide if I should buy or rent. I have a number of friends renting in the Bishop Arts area and am wondering if it'd be a good area for a house hack or a BRRR property. (I know that two or three years ago would have been THE time to buy but hindsight....)

Anyone out there still buying in that area?

Hattie Dizmond · Answer

@Okeoma M.

Bishop Arts is going to continue experiencing growth & renewal, unless the DFW market as a whole experiences a serious downturn.  As @Chad Benedict said, it is still very transitional.  Two blocks in any direction and you can find yourself in some areas that are still extremely sketchy.  If you don't mind the concept of living on the borders of the non-transitioned areas, you might want to take a look at the Trinity Groves area just west of downtown.  It's in an earlier stage of transition than Bishop Arts, but it has some serious commercial money behind the revitalization, including high-end apartments being built by a group led by Roger Staubach & company.  Just a thought.

Ryan H · Answer

@Okeoma M. , As an owner of rental property in Bishop Arts, I can say that we have had mixed luck with rent prices and tenant quality over the 7+ years. But now, our tenant knows how good a deal they have and appear that they are going to stay for years to come but who knows.

I am looking to invest in another property in or near Bishop Arts in the near future. If any one wants to talk in more detail, please let me know.

Chad Benedict · Answer

As others have said, Bishop Arts is great, but finding deals there is the hard part. Also, there are parts of that area that are still very much transitional, and the value and condition of houses can vary greatly from street to street, so just make sure you get to know the area well.

Account Closed · Answer

@Ryan H - Any updates you could share related to Bishop Arts? I’m looking into the area and seeing lots of new construction.

Ryan H · Answer

@Okeoma M. - I grew up on the M Streets and it pains me to think that my parents sold that place. Granted, they sold it to my sister who then sold it a couple of years later for a nice profit but nothing like what it is worth today.  I still really like Lakewood and have fond memories. But then again living in the Sonoma Wine Valley is pretty great too!

Okeoma M. · Answer

Thank you all for your thoughtful responses. Since I posted a few months ago, I actually made the move to Dallas! We are currently renting in Lakewood but definitely still looking to invest.

@Steve Fox - I'm putting together a team of investors who are eager to invest in the right deal. I'll PM you so we can discuss!

@Chad Benedict - I appreciate the advice. I've been spending a lot of time looking at houses on the market and recent flips to get a better understanding of the Bishop Arts area, but also expanded my search to other areas.

@Chris Soignier - I couldn't agree more. Having been here for about 6 weeks now, I think it is insane to see what people are paying for homes here in the Lakewood area and around the M Streets!!

@Ryan H - That's great that you hung in there and managed to get a good thing going with your Bishop Arts property. I have my eye on a couple of properties in the Bishop Arts area. I'll PM to discuss.

@Hattie Dizmond - I hadn't heard much about Trinity Groves until a couple of weeks ago. I plan to go out there this weekend and take a drive around.  Thanks for the tip!

Chris Soignier · Answer

@Okeoma M., I'm not personally that familiar with the Bishop Arts District, but I hear lots of buzz among investors about it being an up and coming area.    Yes, it's hot, but perhaps not quite as over-priced as other trendy areas like Lakewood.    It's easier to overpay than to find a deal, but there are still deals to be had if you're patient, diligent, and effective in your search.

Steve Fox · Answer

Hi Okeoma,

I agree with Anthony, the DFW market in general is pretty hot right now.  The deals are harder to find, but with a little research there definitely is some gems out there.  I am looking for some investors to team up with.  I am an Agent, but really want to learn and contribute as well where possible.

Dallas Investors - Bishop Arts District??

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